I have one dumb question — I leased a 2020 Volvo XC90, which expires next month and the payoff cost is around 40K with 30K miles so far. Since I have two kiddos, I need to make a decision whether to pay off this car or buy a new SUV from Toyota/Hyundai/Kia. If you were in my shoes, what would you do?
I know the question sounds dumb because it depends on the situation, but generally, would you prefer to payoff the car? There are some pros/cons I can come up with.
XC90’s merit
If I ended up selling this one a couple of years later, Volvo would have more value.
Feels safer. Door frame looks much more solid than the others
Luxury
Palisade/Telluride or other SUVs from Toyota/Honda
In my area, I have to drive 40 minutes to get to Volvo maintenance, but other brands are nearby.
Hyundai/Kia’s 10 years warranty looks very charming
The question isn’t dumb. What’s mind boggling is why you left it so late.
You could have easily ordered a Telluride at sticker 6 months ago… GL paying less than 15% ADM now.
None of these seem to really hold up under scrutiny.
You’ll probably pay more in depreciation and finance charges if buying out the XC90.
Safety is more than a feeling. If anything you’ll have more active/passive safety aids on a 2023 Toyota/Hyundai/Kia that will help you avoid an accident. And crash survivability is well documented in IIHS testing.
If you take away the badge which one is actually the most luxurious?
your volvo is not worth its payoff. you’d immediately be flipped on it. should be returned and lease a new one. volvos should be owned, not leased.
I have a 2020 XC90 T6 Inscription with 28k miles. My payoff (including one final payment) is currently $41.6k. I thought I could break even or squeeze a few grand out of buying it. Has the market tanked that much on these?
